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News InsuranceMergers and Aqcuisitions

Western Financial acquires part ownership in Manitoba broker HED

October 31, 2006 by Canadian Underwriter

Western Financial Group has acquired a 25% initial interest in Hayhurst Elias Dudek Inc. (HED), the largest independent insurance broker/administrator in Manitoba.HED is one of the largest independently owned insurance brokers in Canada, with approximately 190 employees nationwide. HED’s head

News Insurance

CCIR to conduct “implementation review” of disclosure principles

October 30, 2006 by Canadian Underwriter

The Canadian Council of Insurance Regulators (CCIR) has approved a work plan to review the implementation of three disclosure principles recommended by its Industry Practices Review Committee priority of the client’s interest, disclosure of potential conflicts of interest and product

News Climate ChangeInsurance

Hub International reports increased revenue in 2006

October 27, 2006 by Canadian Underwriter

Hub International Limited (NYSE: HBG) (TSX: HBG) has announced strong improvement in both revenue and key expense ratios for the three months and nine months ended Sept. 30, 2006.Revenue increased 29%, to US$126.5 million in 2006 Q3, compared to the

News Insurance

Prime Minister says Bank Act position fulfills campaign promise

October 19, 2006 by Canadian Underwriter

Canadian Prime Minister Stephen Harper positioned his government’s support for independent brokers in the recent Bank Act review issue as a simple matter of fulfilling a campaign promise.He made his remarks during a speech to more than 1,500 people attending

News Insurance

IBAO excludes insurer-owned brokerages from voting membership

October 19, 2006 by Canadian Underwriter

Insurance brokerages controlled by “financial institutions” such as insurance companies, credit unions, trust companies or banks have now been excluded from voting membership in the Insurance Brokers Association of Ontario (IBAO), according to a bylaw the association passed at its

News InsuranceMergers and Aqcuisitions

Insurance lobby secures changes to Bill 18 in Ontario (vicarious liability)

October 17, 2006 by Canadian Underwriter

Answering the lobby of several insurance groups and associations, the Financial Services Commission of Ontario (FSCO) has announced it is amending the Ontario Automobile Policy (OAP 1) and a number of related forms as a result of Bill 18, which

News InsuranceMergers and Aqcuisitions

Western Financial buys two southern Alberta brokerages

October 13, 2006 by Canadian Underwriter

Western Financial Group has recently completed the acquisition of two insurance brokerages in Southern Alberta Thomsen Fisher Agencies and Willow Creek Agencies.Thomsen Fisher Agencies is located in Alberta’s seventh-largest city, Medicine Hat, Alberta. Willow Creek Agencies is based in Claresholm,

News Insurance

Prime Minister Stephen Harper to address IBAO Convention

October 6, 2006 by Canadian Underwriter

Prime Minister Stephen Harper has confirmed his acceptance to address members at the Insurance Brokers Association of Ontario (IBAO)’s 86th annual convention, to be held at the Brock Plaza Hotel in Niagara Falls on Oct. 18-20.Harper will be speaking to

News Insurance

New online tool to aid brokers

October 4, 2006 by Canadian Underwriter

Markel Insurance Co. of Canada has launched an online endorsement processing service for Markel insurance brokers servicing the Canadian trucking industry. Silvy Wright, president and CEO of Markel explains that mid-term endorsements are a time-consuming endeavor for brokers. “Our answer

News Insurance

Attorneys General file motion regarding Zurich settlement

September 29, 2006 by Canadian Underwriter

Ten state Attorneys General recently filed a motion with the U.S. District Court for New Jersey opposing the National Association of Professional Insurance Agents’ (PIA)’ position regarding the proposed class action settlement against Zurich American Insurance Co, which alleges improper

News Insurance

Global insurance brokers face future challenges (September 27, 2006)

September 27, 2006 by Canadian Underwriter

Insurance brokers worldwide face challenges as a result of New York Attorney General Eliot Spitzer’s investigation into bid-rigging in the insurance broker industry, according to a recent report published by Standard & Poor’s Rating Services.S&P’s report, entitled “Challenges Still Loom

News Climate ChangeInsuranceMergers and Aqcuisitions

What’s New: In Brief (September 25, 2006)

September 25, 2006 by Canadian Underwriter

ICBC is planning to drop a car from a 50-foot crane at the PNE fairgrounds in Vancouver to illustrate graphically the damage of a head-on crash between a car moving at 60 km-h and a stationary object.The public event will